US Hedge Funders Threaten To Move To Britain

Hmm, we don’t know which quip to make.

A.) First they lose Madonna and this is who they get as a replacement?

B.) Is this kind of like when Sean Penn et al threatened to move to Canada when Bush was elected and then rudely didn’t follow through??

If they want to go to London will that really negatively affect the US? I’m not so sure.


Guardian: America’s top hedge fund managers staunchly defended the conduct of their secretive, high-risk industry yesterday and warned Congress that knee-jerk regulation could push financial jobs across the Atlantic to London.

In a rare day of public scrutiny, the billionaire bosses of five leading hedge funds appeared before the house oversight committee to answer charges that their unregulated bets on financial markets have destabilised the global economy.

George Soros, Kenneth Griffin, Philip Falcone, Jim Simons and John Paulson – who have an estimated combined wealth of $29bn (£20bn) – faced grilling over their low rate of tax and their funds’ minimal level of transparency.

They expressed a willingness to disclose more information about their investments to the securities and exchange commission but insisted that any such data must remain shielded from the public gaze.

Griffin, whose Chicago-based Citadel Group manages more than $20bn, told lawmakers that public transparency would be “parallel to asking Coca-Cola to disclose their secret formula to the world”.

The 40-year-old added that periods of regulatory uncertainty had undermined the US’s competitiveness with Britain: “It breaks my heart when I go to Canary Wharf and I look at thousands and thousands of jobs in London in the derivatives market which belong in America.”

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